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Ulster Bank to lay-off 750 staff Ulster Bank to lay off 750 staff
(about 2 hours later)
More that 700 jobs are to be lost at the Ulster Bank in Northern Ireland and the Republic of Ireland as part of a cost-cutting plan, the bank has said. More that 700 jobs are to go at the Ulster Bank in Northern Ireland and the Republic of Ireland, the bank has said.
The lay-offs will be rolled out on a voluntary basis, according to the group. The lay-offs will be rolled out on a voluntary basis, according to the bank. It plans to cut 550 jobs in the Republic, and 200 in Northern Ireland.
The cost-cutting plan will lead to 550 job losses in the Republic, with a further 200 Northern Ireland lay-offs. Ulster Bank said the First Active brand of mortgage and investment business will close as part of the scheme.
Ulster Bank said it will shut its mortgage and investment arm First Active brand as part of the scheme. Steve Tweed of the bank officials' union said it would have "intensive negotiations" with the bank.
The group, part of Royal Bank of Scotland, said that it had to "adapt to prevailing market conditions, while strengthening the organisation and its all island reach". "We haven't seen the detail behind their decision so it would be our objective to have that number reduced," he said.
"But we also need to sit down the bank and negotiate a voluntary severance package which is attractive, especially in the current economic climate."
The Ulster Bank Group, part of Royal Bank of Scotland, said that it had to "adapt to prevailing market conditions, while strengthening the organisation and its all island reach".
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The plan includes making the Ulster Bank Group a single brand in the Republic, with the merger of its specialist mortgage and investment arm, First Active into the main Ulster Bank. The plan includes making the business a single brand in the Republic, with the merger of its specialist mortgage and investment arm, First Active, into the main Ulster Bank.
The bank said it would be holding meetings with employees and employee representatives to discuss details of the severance package.The bank said it would be holding meetings with employees and employee representatives to discuss details of the severance package.
The Ulster Bank, which has more than 1.8m customers, has 145 branches in the Republic and 92 in Northern Ireland.The Ulster Bank, which has more than 1.8m customers, has 145 branches in the Republic and 92 in Northern Ireland.
The bank, founded in Belfast in 1836, said its plans in Northern Ireland included measures to support customers, experiencing financial difficulties including.The bank, founded in Belfast in 1836, said its plans in Northern Ireland included measures to support customers, experiencing financial difficulties including.
The plan includes funding for the provision of debt advice, staff secondment for debt agency work and a six month postponement on house repossession after a customer first goes into arrears.The plan includes funding for the provision of debt advice, staff secondment for debt agency work and a six month postponement on house repossession after a customer first goes into arrears.